Vol. 416 No. 8
95 Mr. Durkan asked the Minister for Industry and Commerce whether he intends to introduce any amendments to legislation in order to clarify the liability of an intermediary or a company or companies on whose behalf such intermediary has acted with particular reference to the liabilities of a company (details supplied); if amendments of the Unit Trust Act, 1990, or the Companies Acts, 1987-1991 are contemplated; and if he will make a statement on the matter.
I have no function in relation to the specific case referred to by the Deputy which apparently occurred in 1982 at which stage the matter fell within the context of common law. It is not possible to introduce legislation which would now place liability for events which have already occurred on companies on whose behalf the intermediary may, or may not, have acted. I do not envisage any amendments to the Unit Trust Act or Companies Acts dealing with this matter.
The provisions of Part IV of the Insurance Act, 1989, were brought into effect from 1 October 1990. Part IV introduced, for the first time, regulation of insurance intermediaries. Questions about the regulation of investment intermediaries are properly addressed to the Minister for Finance.
